To qualify for debt review you need to have an income and you must be over in debt. If you don't have an income, you will not have funds available for distribution to creditors. Our monthly income must be less than your monthly essential expenses and debt combined.

How will I be able to pay for the fees?

The fees will be deducted from your funds available for distribution. So no additional funds will be needed to settle the cost on debt review.

How long does it take to protect myself from my creditors?

After submitting your Form 16 with supporting documents the debt counsellor will send the 17.1 notifications to all your creditors. In the 17.1 notification your creditors will be informed that you have applied for debt review. You are now in the application phase and protected from your creditors.

Will it show on my credit score that I am in debt review?

Yes, it will. As soon as the 17.1 forms are issued the National Credit Regulator is informed as well. The NCR will then inform all credit bureaus that you have applied for debt review.